New Monetary Policy Committee Member Park Ki-young Emphasizes 'Combination of Monetary and Fiscal Policies' (Comprehensive)

Attending the Monetary Policy Committee Meeting on the 12th
Also Addressing Asset Market Overheating... Focus on Responding to Financial Imbalances

[Asia Economy Reporter Jang Sehee] On the 6th, Park Ki-young, a member of the Financial Monetary Policy Committee of the Bank of Korea, took office and stated, "We must consider a combination of fiscal and macroprudential policies while maintaining the independence of the central bank."

In his inaugural speech, Park mentioned the COVID-19 situation and the overheating of the asset market, emphasizing the need for a policy mix. This is interpreted to mean that even if interest rates are raised to address financial imbalances, fiscal policy should play a buffering role to absorb shocks.

Park joined the Bank of Korea in 1999, served as an assistant professor in the Department of Economics at the University of Maryland (Baltimore County) for one year starting in 2006, and from 2015 served as an advisory member for the Bank of Korea's foreign currency asset management for four years.

From 2019 until this year, he served as a member of the macroeconomic subcommittee of the National Economic Advisory Council. Park was recommended by Governor Lee Ju-yeol on the 29th of last month, and his term lasts until April 20, 2023, the remainder of the late former member's term.

Park will begin his full activities starting with attending the Financial Monetary Policy Committee meeting on the 12th. All seven members of the committee, including Bank of Korea Governor Lee Ju-yeol, will attend the meeting.

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